Aabar expands interests in Southeast Asia

Abu Dhabi's Aabar Petroleum Investments has increased its stake in an offshore oil and gas exploration block in the Philippines, Aabar said in a statement on Wednesday.

Aabar boosted its stake to 64% from 42.5%, taking the share from Premier Oil Philippines in exchange for taking Premier's share of the cost of drilling an exploration well in the fourth quarter this year, Aabar said. Aabar subsidiary Pearl Energy will become operator of the block SC43.

"We are delighted to take over as operator... ahead of what we expect to be an exciting period of exploration drilling towards the end of the year," Chris Gibson-Robinson, Aabar's vice president for operations and new ventures (South Asia) said in the statement.

Premier Oil Philippines has a 21% participating interest in the block while the PNOC Exploration Corporation has the remaining 15%, the statement said.

Aabar produces about 20,000 barrels per day (bpd) in Indonesia and Thailand.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM